The IT infrastructure is the backbone of any financial institution.
For IT Issues
Financial institutions use multiple IT applications all interconnected: front office, middle office, back office, reconciliation, risk, compliance, accounting, legal reporting, internal reporting and many others.
These systems are using their own databases, and communication between them is usually managed through the development of specific interfaces.
The difficulties raised by such IT architectures are numerous:
- Interfaces require coding: they are expensive to create, to maintain, and difficult to modify
- Modifications of software packages and applications for adapting to new requirements are always long, risky and expensive (new release, potential regression bugs, etc). Old and inefficient systems are sometimes left in production for fear of the integration project that the implementation of a new solution would mean
- The multiplication of reference databases with their own master data makes the implementation of a homogenous IT architecture difficult
- The same information exists in several places, at different status and possibly at different value. How to define which one is the right?
- Difficulty to have a common view of all the activity (only possible through complex and expensive data warehouse and BI projects)
- Many processes are not automated and require manual treatment leading to higher operational risk & important costs.
The best solution to face these issues is to create common master reference repositories with integration/communication capabilities that will offer consistency in the data managed, improve the automation of the communication processes while offering flexibility and quick adaptation to any new requirement.
This is what SmartCo DataHub will do.
Dealing with these IT issues and setting up a centralized repository require a mix of different skills and capacities often difficult to find.
Thanks to SmartCo DataHub, financial institutions have a state of the art solution that can alone answer these IT issues.
Exchanging information between the different systems in place
With SmartCo DataHub, data exchanges are handled flexibly without having to touch or modify upstream/downstream systems. Interfaces do not need anymore coding and maintaining them becomes much simpler than it ever has been.
Data feeding and data diffusion is made easy with SmartCo DataHub. Our solution offers powerful EAI & ETL functions able to retrieve and send information under any technical protocol (JMS, FTP, API, WebService…) and any format (XML, XLS, CSV…). In addition, SmartCo DataHub includes a mapping engine, thus ensuring data normalization after its integration and making possible the export of customized file fitting exactly the requirements expected by the downstream applications.
Making sure the data is right
The cost of wrong or missing data is very expensive, especially in the financial industry.
With SmartCo DataHub, you can create a complete and automated Data Quality process. Any type of quality checks, from the simple ones (format control, null data) to the most complex (data coherence, multiple sources comparison, time series analysis) can be performed. Data anomalies can be cleansed automatically on the basis of predefined rules or can be sent to the manual exception processing process. With SmartCo DataHub, you will detect and correct incoming data anomalies before they are used by your core business applications!
Enriching the data to make it useful
Imported data are not always complete and directly usable by your systems. Some enrichment may be required. With SmartCo DataHub you now know where and how to do it. Manual keying is done only once in this centralized repository and shall not be reproduced in your other applications. Automated data enrichment rules can also be created, and external calculation libraries can be integrated for advanced requirements.
Storing and archiving the data
Whatever database middleware you use (Oracle, Sybase, SQL Server), you will appreciate the data warehousing features available in SmartCo DataHub in a fully integrated way and for no additional cost: data modeling, data archiving, flexible audit trails, permission rules.
All these functions have been developed while bearing in mind the specific regulations faced by the financial industry.